World Oil Production and Consumption

As stimulating as petroleum refining is (please discreetly stifle the yawns please), it’s even more interesting to think about where oil geographically comes from.

World Oil Production

http://www.eia.gov/countries/index.cfm?view=production

You can see in red the largest oil producers in 2009 were Russia at 9.9 million barrels per day, followed by Saudi Arabia with 9.8 million barrels a day, and finally the United States with 9.1 million barrels per day.  But that’s production.  With high oil prices constantly flashed across newspaper headlines, we’ve all learned it’s not about what you’re producing today but what you can potentially produce tomorrow-the supply side of supply and demand.  Below is a map of the World’s Oil Reserves.

World Oil Reserves

http://www.eia.gov/countries/index.cfm?view=production

As you can see Saudi Arabia has the largest proven oil reserves at 266.7 billion barrels, followed by Canada and their booming Oil Sands at 178.1 billion barrels, Iran at 136.2 billion barrels, and Iraq and Kuwait at 115 and 104 billion barrels respectively.  Interesting that the United States and Russia are the highest on the list of oil producing countries but lowest in terms of proven reserves. 

World Oil Consumption

http://www.eia.gov/countries/index.cfm?view=consumption

Above is a map of World Oil Consumption.  The United States is the world's top oil consumer at 18.8 million barrels.  Hmmm…the US produces 9.1 million barrels…and consumes 18.8 million barrels.  Clearly the United States is a net importer of crude oil which, considering its lowly status among holders of world oil reserves, explains the US Oil Industry's complicated relationship with Washington, especially since 40% of US energy need is met by Petroleum.

2009 US Energy Consumption by Type

http://www.npr.org/templates/story/story.php?storyId=113080237